You’ve finally made it to retirement and can finally just take a minute to yourself and relax, and finally even have some time that’s actually yours. Where are you going to spend this time? Many people choose to move to a different state where the cost of living, weather, and lifestyle will allow them to enjoy this new chapter.
If you’re looking for places to consider, let’s take a look at five popular places in the United States for retirement:
- West Virginia
One of the reasons people choose West Virginia for retirement is the affordability of living there. West Virginia has very low property and sales taxes, which is important during your golden years. The West Virginia University health system makes sure to provide low-cost or free dental and medical care to its senior citizens. All of these reasons make it seem like it’s definitely a good retirement location.
Kentucky is also a great place to consider living after retirement. There are a lot of reasons to consider retiring in Kentucky, as there are several good benefits regarding the cost of living and taxes. The median income in Kentucky is $43,432 yearly, which helps keep the cost of living reasonable. There are also several tax benefits if you retire to Kentucky, such as low marginal income tax rates, low sales taxes, and exemptions given on retirement income. It’s also a state where your social security benefits are completely tax exempt.
Delaware is popular for retirement for financial reasons. In Delaware, things like retirement pensions and 401k are taxed federally and by the state. However, anyone over the age of 60 is allowed a $12,500 exclusion for pensions or retirement income. Delaware doesn’t impose a sales tax, either. Commonly, soaring taxes on property are one thing that causes people to have to sell and leave their homes in a lot of areas of the United States. Delaware is one of the most tax-friendly retirement areas.
Colorado is another state that’s often listed as a good option in retirement living in for many different reasons. It’s a beautiful state, with things such as The Great Sand Dunes National Park, and there are always many different sparkling lakes and valleys of water that wind through the state to be able to take a dip in and cool off. The climate is another reason to consider retiring in Colorado, as they have roughly 300 days of sun in a year. The climate in Colorado is often suggested to people to consider specifically if you have chronic health conditions, especially ones like arthritis. Colorado is also in the top ten places to receive medical care, with some of the best hospitals in the nation and lower healthcare costs than a lot of areas.
Florida may be one of the most popular states to live in after retiring. There is a lot less taxation in Florida than in many states. It’s a state with many recreational opportunities, but it can also get very busy sometimes and full of tourists. Florida’s older population is much higher than a lot of other states, however, so it may be a great place to live among other retirees.
Check Into Medicare Coverage Options if You Move
Before you decide on moving, you may want to double-check your Medicare coverage or your Medicare Advantage plan. If you have Original Medicare, you can visit any doctor who accepts assignment, but if you have enrolled in a Medicare Advantage plan, you may be moving out of your plan’s service area. Many times, this means that you have to switch insurance companies when you go to a new state, but you may be eligible for a Special Enrollment Period. Consider your healthcare options before moving and speak to your MA plan directly if you have questions.